SUI Plunges 9% as $116M DeFi Exploit Rattles Crypto Markets

SUI, the native token of the Sui blockchain, experienced a significant drop of over 9%, plunging to as low as $2.02, after breaking through critical support levels amid a broader sell-off triggered by a $116 million exploit on the Balancer DeFi protocol. The decline was marked by an increase in trading volume, with nearly 42.6 million tokens exchanged, amounting to 68% above the daily average. Analysts suggest that unless buyers can reclaim the $2.07 level with confidence, further downside risks remain, with technical targets potentially dropping to $1.95. The sell-off indicates a retreat from riskier assets, particularly among institutional investors who appear to be liquidating their positions on layer-1 tokens. The market sentiment remains tense, with price monitoring indicating a waiting period for a major directional move after the token's accelerated decline.

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